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First-of-its-Kind NFT-Centric Wallet by Magic Eden Set to Transform Digital Collecting – NFTs Making a Comeback

Sead Fadilpašić
Last updated: | 2 min read
Source: MagicEden

The cross-chain non-fungible token (NFT) platform Magic Eden has rolled out its Magic Eden Wallet in Beta, with the desktop browser extension to follow.

According to the press release, this is a cross-chain self-custody software wallet created in partnership with crypto wallet company Exodus.

It is “designed to give NFT collectors a faster and more seamless experience when collecting and trading NFTs across multiple chains,” the company said.

Therefore, the wallet comes with instant cryptocurrency swaps between Bitcoin, Solana, Ethereum, and Polygon.

The company added that,

“The Beta test will begin with a limited number of users and the desktop browser extension is expected to launch to the general public widely in early 2024.”

The platform plans to reveal more information on the functionality and features early next year after the completion of the Beta testing.

‘First-Of-Its-Kind’


Magic Eden noted that its wallet is set to become “a game-changer” in the digital wallet world.

It said that,

“The Magic Eden Wallet is the first digital wallet to be integrated directly with an NFT platform, enabling collectors to do more with their NFTs directly from within their wallet. A first-of-its-kind in the industry, Magic Eden takes an NFT-focused approach that emphasizes features and a wallet experience centered around a user’s digital collectibles.”

Besides the simultaneous connection to multiple chains, the wallet features include portfolio tracking and management of all NFTs and collectibles across chains without switching between multiple wallets.

Additionally, it enables buying and selling with fiat, and access to decentralized applications (dapps).

Users can manage and send Ordinals and BRC-20 with visibility into full transaction history, including pending transactions, it said.

According to the web store description, payment methods include debit card, bank transfer, and Apple Pay. The wallet supports localized currency in select regions.

Jack Lu, CEO and Co-Founder of Magic Eden, argued that there is “too much friction when it comes to collecting NFTs across chains.”

The team wants to make this wallet the only one users need, Lu said. “We’re excited to start testing our wallet in Beta and bring that NFT-focused thesis to the public market very soon.”

Earlier in November, Magic Eden announced a collaboration on the Magic Eden Ethereum Marketplace with Yuga Labs, the maker of the popular Bored Ape Yacht Club collection. It would become the first major Ethereum marketplace with a contractual obligation to uphold creator royalties, the companies said.

A month earlier, the consortium of major companies OMA3 (the Open Metaverse Alliance for Web3) formed a working group to find the best way to standardize creator royalties on NFT marketplaces. The group announced a “defense of NFT creator royalties, including the support of Magic Eden, Yuga Labs, Animoca Brands, and the rest of our fantastic membership.”

Meanwhile, in February, Magic Eden partnered with Web3 infrastructure company MoonPay to enable users to easily purchase NFTs with a few clicks using payment rails familiar to them.

The press release said that Magic Eden has facilitated over $3 billion in transactional volume to date.